This study reviews broadly the experience of the last decade on crisis prevention and
management. It seeks to draw greater attention to policy decisions that are made during the …

I stand here with deeply conflicting emotions. I am honored to be delivering this prestigious
lecture. I am profoundly sad that Rudi Dornbusch, who should have delivered the Ely …

In this paper we investigate the effect of local banking development on firms' innovative
activities, using a rich data set on innovation for a large number of Italian firms over the …

In the age of the Fourth Industrial Revolution, cryptocurrencies have emerged as a marvel of
technological financial products, and a global phenomenon with a profound potential for …

Standard theoretical arguments tell us that countries with relatively little capital benefit from
financial integration as foreign capital flows in and speeds up the process of convergence …

Capital-account liberalization was once seen as an inevitable step along the path to
economic development for poor countries. Liberalizing the capital account, it was said …

Using firm level panel data from 12 developing countries we explore whether financial
liberalization improves the efficiency with which investment funds are allocated. A summary …

When countries liberalize their stock markets, firms that become eligible for foreign purchase
(investible), experience an average stock price revaluation of 15.1%. Since the historical …

The empirical relationship between capital controls and the financial development of credit
and equity markets is examined. We extend the literature on this subject along a number of …

More patriotic countries have greater home bias in their equity selection. In a panel of World
Values Surveys covering 53 countries, measures of patriotism are positively related to home …